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The chair of the Financial Conduct Authority (FCA) has warned against loosening financial regulations after Brexit, in a speech that seemed to contradict the Government position as laid out by a minister.

“The FCA does not see the UK’s withdrawal from the European Union as an opportunity to join a race to the bottom in regulatory standards – quite the contrary,” Charles Randall told the annual conference of the Association for Financial Markets in Europe on Tuesday.

“We will need to redouble our engagement with our policymaking and regulatory colleagues in Europe and across the world, to continue to influence global standards of financial regulation.